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lidiya [134]
3 years ago
13

Stephen borrows $10,000 from his uncle at a simple interest rate of 2%. He repays the loan in full after 3 years. How much money

did Stephen pay his uncle back in total?
Answer:______
Mathematics
2 answers:
liq [111]3 years ago
7 0

Simple Interest can be calculated by the formula I = \frac{P T R }{100}

Where P= principal ,R= rate of interest and T = Time.

In the given question P=$10,000,R= 2% ,T= 3 years.

Substituting the values in the formula ,

I =\frac{10,000 x 2 x 3 }{100}  =\frac{60000}{100}   = 600

Total amount Stephen pays = 10,000+600= $10,600

wolverine [178]3 years ago
5 0
2% of 10000 = $200
3 years = $600
therefore stephen pays back 10000+600 = $10600
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